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Gambling researchers Alex Blaszczynski, Robert Ladouceur,...
Four casinos in Washington state are set to close as their parent company, Maverick Gaming, files for Chapter 11 bankruptcy protection in the US Bankruptcy Court.
The filing was made on July 14 and lists the company’s total liabilities and assets in the range of $100 million to $500 million. The company operates 27 properties across Washington, Nevada, and Colorado and owns approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants.
With the bankruptcy filing, Maverick announced the closure of 4 cardrooms in Washington, including Dragon Tiger Casino in Mountlake Terrace, Palace Casino in Lakewood, Silver Dollar in Renton, and Roman Casino in Seattle.
In a June 2024 note, S&P Global Ratings characterized Maverick’s capital structure as “unsustainable,” noting high fixed charges, including interest, rent, maintenance, and lease expenses.
Maverick was also in a competitive position in Washington’s cardroom market. Unlike tribally-owned casinos, which are free from paying gaming taxes and can offer slots, sports betting, and higher table limits, Maverick’s properties faced stricter restrictions. Maverick attempted to challenge tribal exclusivity over sports betting, but it was dismissed by the Ninth Circuit Court of Appeals in December.
Maverick’s bankruptcy follows a debt restructuring last year, which gave the company new capital and a two-year extension on its existing obligations. The agreement included a payment-in-kind feature, which let Maverick pay interest with additional debt instead of cash, but required cash interest payments to begin in early 2025.
The case, filed under the name RunItOneTime LLC, is proceeding in the Southern District of Texas under docket number 25-90191.
